This content is not available in your region

European shares make a tentative rebound; Bank shares weigh

Access to the comments Comments
By Reuters
European shares make a tentative rebound; Bank shares weigh
FILE PHOTO - Traders react at the stock exchange in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski   -   Copyright  RALPH ORLOWSKI(Reuters)

LONDON (Reuters) – European shares attempted a tentative rebound on Wednesday after five straight sessions in the red, with disappointing results in the banking sector weighing on indexes even after a number of positive trading updates, such as France’s luxury group Kering.

The pan-European STOXX 600 STOXX <.STOXX> was up 0.45 percent at 0721 GMT, lingering close to lows not seen since December 2016 after a new market scare hit global markets this week.

The banking sector, the worst performing one in Europe so far this year, lost 0.45 percent with Deutsche Bank <DBKGn.DE> shares down 4.2 percent after a steep decline in third quarter profit.

Apple chip supplier AMS also extended its spectacular fall of 26 percent during the previous session, plunging 14 percent in early deals.

The tech sector was slightly in the red <.SX8P>, down 0.2 percent with Franco-Italian chipmaker STMicroelectronics also off close to 5 percent after publishing a third-quarter update.

Among the session’s early winners were luxury stocks, taking back some ground after being recently hit by worries over a growth slowdown in China.

Franc’s Kering <PRTP.PA> jumped over 6 percent after its results showed demand for Gucci handbags proved more resilient than expected.

(Julien Ponthus)